Legislation to block the “fiscal cliff” is headed to the White House for President Barack Obama’s signature. The bill will avoid, for now, the major tax increases and government spending cuts that had been scheduled to take effect with the new year.
Final approval came in the House on New Year’s Night. The vote was 257 to 167.
The Senate passed the bill less than 24 hours earlier.
The measure raises tax rates on incomes over $400,000 for individuals and $450,000 for couples, a victory for Obama.
It also extends expiring unemployment benefits for the long-term jobless, prevents a cut in fees for doctors who treat Medicare patients and cancels a $900 pay increase due to lawmakers in March.
Another provision is designed to prevent a spike in milk prices.
(AP)
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And how about the expiration of the lower Social Security withholdings? This will shave TWO percent off of EVERY person’s paycheck! Oh, I forgot, those simple employees don’t have powerful lobbyists working for them like they do for the corporate giants and the wealthy. This country is CONTINUING down a slippery slope.
” a victory for Obama” and a big loss for the rest of us.
77% of Americans will see tax increases!!! Yet the article says tax increase for those making over 400K
Actually all they did was agree to substantially raise taxes on virtually everyone (due to a 1/3 increase in the payroll tax on anyone with a job), only to limit the increases in income tax. They decided to postpone discussing cutting the budget, so the government is still running out of money and within a few weeks will have to either authorize a major increase in “printing” money, or make major spending cuts.
If this “solution” makes stocks prices go up, it will be a good time to take profits since it is a mere temporary solution – such as giving someone pain killers when what they need is a root canal.